17 of the biggest crypto firms in the world have formed a new advocacy group aimed at promoting a “safe and sensibly-regulated crypto industry.”
The group, called the Crypto Market Integrity Coalition (CMIC), says that it “brings together market participants in the digital asset space who are committed to enabling a safe and sensibly-regulated crypto ecosystem.”
The firms involved include Coinbase, Huobi Tech, Crypto UK, Circle, The Chamber of Digital Commerce, Bitstamp, CryptoCompare, among others.
In a statement announcing its founding on Monday, the CMIC said it invites all other industry members into the group to help send a message that it’s time to end market abuse and manipulation and promote public and regulatory confidence in the new asset class.
“The crypto industry has made enormous strides to improve market integrity in the past few years; At the same time, crypto firms are keenly aware of the concerns that still need to be addressed, and are committed to engaging with regulators to advance solutions to crypto’s unique challenges.”
According to the statement, Solidus Labs, which specialises in crypto market surveillance, initiated the creation of the group. Solidus Labs is headed by finance veterans Asaf Meir, Praveen Kumar, and Chen Arad.
Meir, CEO and Israeli Defense Force veteran, said:
“The public and regulators have made their concerns clear, and the pledge’s initial goal is to bring unity and action at an industry level, across CeFi, DeFi and all digital assets… Crypto is in a very different place than it was three or four years ago—there are crypto firms today with more robust and technologically advanced risk and compliance programs than traditional institutions…
We want to convey that to the public, as well as our deep commitment to addressing current and future challenges – as new forms of risk and manipulation continue to arise and evolve.״
The CMIC says it will continue to engage with the top leaders in the crypto industry and encourage them to “take the pledge” of market integrity.